Diddy Sells All Shares In Revolt, New Owner Remains Anonymous But Reportedly Has ‘A Deep Passion For Black Culture’
Months after music executive Sean “Diddy” Combs announced that he was stepping down as chairman of Revolt TV, a music-oriented digital cable television network, the company has been sold to an anonymous buyer.
According to TMZ, the Hip-Hop mogul sold all his shares in the company he founded in 2013 alongside Andy Schuon. However, the person who made the purchase as well as the transaction amount remain unknown.
The outlet’s sources reveal that the purchaser is said to “share a deep passion for Black culture.”
Moreover, a formal introduction of the television network’s new owner is set to be revealed in the next few weeks.
While Diddy’s last order of business with the company is selling it, sources say that it is “an amicable deal” and that “everyone’s happy,” per the outlet.
As previously reported by Variety, the rapper and record producer launched Revolt TV from the childhood home of his friend and former Bad Boy Records artist, the late great Notorious B.I.G., or simply Biggie.
“The revolution will be televised,” Diddy announced live from the stoop of the Brooklyn, NY, home where Biggie was raised, per Variety. “Biggie and I had this dream. We set off on a journey together. He was my partner. He was fearless. He inspires me. And today, Biggie will help to launch REVOLT. Today, that dream becomes a reality… This is not my network, this is your network.”
While the sale has been publicized, there is no news of leadership restructuring. At this time, Detavio Samuels, CEO, and Deon Graham, chief brand officer (CBO), remain in their roles, and together, they will work with the new owner through the transition.
As previously reported by AFROTECH™, Samuels was appointed CEO in 2021 and has been leading the charge in the company’s recent initiatives, such as the inaugural Revolt World festival in Atlanta, GA, in September 2023.
“The mission is to create the largest Black global media empire that ever existed, and in that world, we can take care of our people,” Samuels told AFROTECH™ at the time of his appointment.
As for the latest company news, TMZ notes that no major staffing and production changes will be made that affect current Revolt TV employees.
While the new owner makes plans for future changes intended for the company, the outlet mentions everything reportedly will remain as is for now.
AFROTECH™ is still awaiting an official response from Revolt TV representatives regarding the sale.
